NEW YORK: Xtep International Holdings Ltd, the China-based sports company, closed its acquisition of E-Land Footwear USA Holdings Inc., the owner of the K-Swiss, Palladium, Supra, PLDM and KR3W brands for $260 million.
South Korea’s E-Land World Ltd acquired K-Swiss and Palladium for $170 million in 2013 and subseqently added more brands through a Los Angeles-based subsidiary.
Xstep said that with the closing, E-Land Footwear USA Holdings Inc. has become an indirect wholly-owned subsidiary of the company.
Xtep had on May 2, in a filing with the Hong Kong bourse, announced plans to acquire 100% stake in E-Land Footwear for $260 million in an all-cash deal.
“The board believes that the transaction is an attractive opportunity to invest in a portfolio of global renowned sportswear and lifestyle brands targeting the high-end market segment,” Xtep chairman Ding Shui Po had said in a statement issued at the time.
